Residency and Domicile
The firm counsels on the advantages of Florida domicile and residency, including homestead, and helps clients evaluate the process of changing residency.
If a person dies with a will (“testate”), the probate court determines if the will is valid, hears any objections to the Will, orders that creditors be paid and supervises the process to assure that property remaining is distributed in accordance with the terms and conditions of the will.
If a person dies without a will (“intestate”), the probate court appoints a person to receive all claims against the estate, pay creditors, and then distribute all remaining property in accordance with the laws of the state. The major difference between dying testate and dying intestate is that an intestate estate is distributed to beneficiaries in accordance with the distribution plan established by state law; a testate estate (after payment of debts, taxes, and costs of administration) is distributed in accordance with the instructions provided by the decedent in his/her will.
The cost of Residency and Domicile is either set by state law or by practice and custom in your community. The typical cost to probate an estate is in the range of 3% to 7% of the total estate value.
©2018 James Karl & Associates PA | All Rights Reserved